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On its way
Price to sell is going up on sells.
https://www.google.co.uk/amp/mobile.reuters.com/article/amp/idUSL5N1FN1W9
Scientific American "Israel Proves the Desalination Era Is Here".
Sounds like this contract might need some. http://www.technipfmc.com/en/media/press-releases/technipfmc-awarded-an-epc-contract-for-a-sulfate-reduction-plant-in-abu-dhabi
As a merged company they will actually be a very good fit and good for the UK as less likely to be taken over by foreign predators.
Yes agree with you, today's update increases the likelihood of an offer. More time to assess the value here. Interestingly the AVG share price has continued to strengthen making dilution in the event of a merger less of a worry for holders. We are all aware of how much value is tied into assets, experience, legacy and continuing business performance and with HAYT they will be acquiring all this for a knockdown price even if its at a decent premium. With cash to throw at operations and spare capacity in our new centre of excellence this can grow quickly. Little disappointed we have not seen further stake-building. It is happening over on AVG!
RBS are linked to the potential bid from AVG. if AVG want HAYT they are not going to get it cheap. Long term funding is a gimme waiting to see what the offer is.
I've been looking through the holdings RNS details and it seems there are those with holdings both in HAYT and AVG. Dion Greville Steward holds 900,000 HAYT shares, he has been buying this month since first declaring and he also holds 305,400 AVG shares. Also HARGREAVE HALE LIMITED is acting on behalf of "Discretionary Clients", holding just 8,925 shares but apparently they have an interest greater than 1% in AVG. Everyone else who has declared an interest here has no respective interest in AVG, which begs the question is Mr Steward in some way connected or is he simply an opportunistic investor? Either way I expect that individual to be in favour of a merger and there are probably more connected individuals building positions even now. Quick breakdown of declared holders here 9,130,766 ___ (16.48%) - Directors of HAYT and relatives of ELB 9,000,000 ___ (16.25%) - HARWOOD CAPITAL LLP 3,680,000 ___ (6.6%) - Richard Edgar Sneller 3,609,538 ___ (6.51%) - Henderson 1,356,798 ___ (2.45%) - Unicorn Asset Management Limited 900,000 ___ (1.62%) - Dion Greville Stewart 738,000 ___ (1.33%) - STOCKINVEST LIMITED 668,248 ___ (1.21%) - Chris Hazell 650,000 ___ (1.17%) - NVM Private Equity LLP 641,360 ___ (1.16%) - Killik & Co LLP 600,000 ___ (1.08%) - Neil John Murphy 8,925 ___ (0.0161%) - HARGREAVE HALE LIMITED for "Discretionary Clients" Together the holdings declared comprise more than 55.8% of the shares in issue. Breakdown of the Directors and relatives Ewan Lloyd-Baker - 4,233,959 (7.64%) Nicholas Flanagan - 384,333 (0.69%) John May - 41,963 (0.08%) Maurice Critchley - 4,168,131 (7.53%) Tristan and Sarah Lloyd-Baker - 167,290 (0.30%) Royston and Maureen Lloyd-Baker - 135,090 (0.24%) TOTAL: 9,130,766 16.48% It should also be noted that Nigel Wray and his relatives hold at least 18% of AVG.
HAYT, AVG and RBS need to be working on a number of different scenarios between them now. It’ll be complicated. I suspect HAYT and RBS have had the long term funding package for HAYT resolved for a while now, but put it on ice, whilst AVG remain interested. As others have astutely suggested, they’ll be a bit of manoeuvring going on between the various parties here. Gawd knows what the sp will do now, or whether AVG will bid, but we’ll know a lot more by the end of May!
Further to the announcement of 16 March 2017 Hayward Tyler Group plc, the specialist engineering Company comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to confirm that it continues to have constructive discussions with its bank, Royal Bank of Scotland ("RBS"), regarding a suitable long term financing structure to support the longer term prospects of the business. The Group also continues to discuss have constructive discussions with RBS with respect to the repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, both of which have been extended from 30 April to 31 May 2017.
Good predictions yesterday from g-w and Shareminator! Well done chaps. I'll be Avingkittens if we now have to wait till 26 May to hear from Avingtrans! On the funding I'd expect an RNS today or Tuesday kicking the can down the road to 31 May.
Very leaky this one, we will know when something is coming with increased trades. Should hear about loan facility today if very few trades then that will be extended as well.
U did GW. well done ;-)
Extension to potential offer, sounds like AVG are definitely interested, now if HAYT can secure long term funding the offer price will no doubt have to be a good one. Should hear on that later today imo.
On 31 March 2017, the Board of Hayward Tyler announced that it was in the early stages of discussions with Avingtrans PLC ("Avingtrans"), regarding a possible offer by Avingtrans for the whole of the issued share capital of the Company. Further, in accordance with Rule 2.6(a) of the Code, Avingtrans was required to announce either a firm intention to make an offer for the Company (pursuant to Rule 2.7 of the Code) or announce that it does not intend to make an offer (pursuant to Rule 2.8 of the Code) by 5:00pm today (being the 28th day following the date of the original announcement). The Board of Hayward Tyler announces that, at its request, the Panel on Takeovers and Mergers (the "Panel") has consented to an extension of this deadline in accordance with Rule 2.6(c) of the Code and, accordingly, Avingtrans must, by no later than 5.00pm on 26 May 2017, either announce a firm intention to make an offer for Hayward Tyler in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel. As set out in the original announcement, discussions with Avingtrans were at a very early stage. The purpose of this extension is to provide the directors of both Hayward Tyler and Avingtrans the opportunity to continue their discussions, including the provision of key information to assist Avingtrans in understanding the value of the Company. This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the Code (as defined above) and there can be no certainty that an offer will be made, nor as to the terms of any offer, including whether any offer would be at a significant premium to the current share price. The Company remains in an "Offer Period" as defined in the Code. Accordingly, the dealing disclosure requirements listed below will apply. Further update announcements will be made as appropriate.
Think you may be flattering them by calling them an analyst, looks more like they are touting for business on their website. Something sharemuppets are good at. Anyway it was posted prior to trading update.
Today's AVG share price closing near recent high suggests to me they are serious in intent. Still think any offer has to be in the eighties. Nothing new in the simplywallst article just their analysts opinion which I disagree with.
Judging by the lack of trades I reckon it will be extended. Unless of course we get an intraday tomorrow. But first sign will be lots of trades prior to announcement.
Thanks great post Shareminator. We’ll know a lot more by 5pm tomorrow! I agree the article Ed posted is tosh.
flundra - I just don't think there's enough information out there to call it either way bud. I've scanned through AVG's history of updates and tried to find a link or connection. There are two many variables right now. The thing that bothers me is if it was just an opportunistic bid when we were trading at 40p surely they would have made the bid there and then. Offer something like 50-60p and be done with it. A risky move perhaps having not done proper due diligence but at least they would have secured the acquisition. By declaring an interest it seems more likely that they are serious about acquiring the asset once they are certain it is going to be a valuable addition. Naturally this will take into account the current refinancing situation. Would AVG have made an offer by now if we had completed the refinancing? My gut feeling is yes! So what is happening? Are HAYT playing hardball or is it the bank? Whoever is dragging their heels over the refinancing terms it is unlikely we will see AVG make the offer.. or is it? Perhaps HAYT are in fact dragging their heels because AVG have indicated they will be better placed to absorb the debt and once merged can strike for better refinancing terms. It may turn out that Ed's article is on the ball, that HAYT can't agree a refinancing for a while and the offer subsequently falls through. But from what I read the author of the article doesn't sound all too well versed in these matters. His end note is a ramptastic link to a list of other stocks he is on commission to tip - "PS. If you are not interested in Hayward Tyler Group anymore, you can use our free platform to see my list of over 150 other stocks with a high growth potential" His assessment includes no forward earnings which is rather bizarre given his conclusion " the company fails to impress in terms of generating strong enough operating cash flows and earnings to cover annual interest expenses" One might expect to see those cash flow and earnings figures mentioned.. Also this passage is laughable, well I laughed. It's not quite clear what this analyst is measuring to mark it down. First he mentions earnings at 5x higher than interest payments then he mentions losses. How is he measuring earnings exactly and whoever told him the magic number was 5x. By his statement he is suggesting interest payments are higher than earnings but is he factoring in capital expenditure and is he also forecasting continued losses this year despite capital expenditure falling away? "To keep an eye on how it’s doing on that front, an investor can check how easily the company can service its debt. If it earns at least 5x or more of its interest payments, that’s an indication of financial strength. In HAYT’s case the company is making a loss, therefore interest on debt is not well covered by earnings." I could go on but I think you have the gist I wasn't concerned after reading it lol
Looks like you might have spooked a couple as well lol
Making up stuff again tut tut traders will stop at nothing poor show